Richtech Robotics: Strong Balance Sheet and Growing RaaS Momentum Underpin Buy Rating and $6 Target

In a report released today, Scott Buck from H.C. Wainwright maintained a Buy rating on Richtech Robotics Inc. Class B, with a price target of $6.00.

Scott Buck has given his Buy rating due to a combination of factors that point to improving fundamentals and future growth potential. He notes that Richtech Robotics exited FY25 with roughly $5 million in revenue, up about 19% year over year, and that fourth-quarter performance implies more than 20% sequential growth, signaling momentum heading into FY26. He also highlights the company’s progress in securing 55 robotics-as-a-service (RaaS) contracts and introducing its humanoid robot, Dex, built on NVIDIA’s Jetson Thor platform and designed to perform complex tasks in real-world environments, which broadens the firm’s addressable market. In addition, Richtech has launched new service offerings around robotic training datasets and embodied AI, which Buck views as incremental revenue drivers in the coming year.

Buck further underscores that the company’s balance sheet is a key positive, with approximately $275 million in cash and no debt, giving Richtech the capacity to build inventory and scale deployments under the RaaS model. While RaaS may generate less upfront revenue than outright sales, he regards it as more attractive over time due to higher margins, recurring revenue, and better visibility. Gross margins are already strong in the mid‑60% range, and he expects they can move toward 70% as volumes increase. Given the early stage of the business, he focuses less on near‑term losses and more on signs of growing demand and expanding deployments, arguing that improving visibility and a potentially more favorable interest-rate backdrop in 2026 should support a higher valuation multiple, justifying his Buy rating and $6 price target.